Interest rates on Stafford loans set to double to 6.8% on July 1

The White House says college students in Hawaii have borrowed more than $64 million in subsidized college loans that are the subject of debate in Washington over interest rates.

President Barack Obama on Friday urged Congress to prevent an increase in student loan rates. He says rising college costs unfairly saddle young people with more debt as they begin their adult lives.

Interest rates on new subsidized Stafford loans are set to double, from 3.4 percent to 6.8 percent, on July 1. Lawmakers from both parties say they want to avoid the increase but are divided over how to act.

Proposed changes would only affect new loans. The White House says more than 17,000 students have borrowed an average of more than $3,700 with the Stafford loan in Hawaii.

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